Lenskart has secured a pre-IPO investment of Rs 200 crore from billionaire investor Radhakishan Damani, founder of Avenue Supermarts, and SBI Mutual Fund. Both investors are contributing approximately Rs 100 crore each through a secondary share purchase, according to sources familiar with the matter.
The investment underscores growing institutional confidence in Lenskart, one of India’s few profitable consumer tech firms. This pre-IPO move precedes the company’s forthcoming Sebi-approved initial public offering, which will include a fresh issue of Rs 2,150 crore and an offer for sale of approximately 13.2 crore shares by existing shareholders.
Big Names Backing
For SBI Mutual Fund, this investment represents its second major bet in the new-age internet sector, following its earlier investment in Urban Company. Damani’s participation, meanwhile, brings one of India’s most respected value investors into Lenskart’s cap table, further boosting investor sentiment around the IPO.
The deal underscores the growing interest of institutional and high-net-worth investors in Lenskart’s long-term growth story. Backed by SoftBank, Temasek, KKR, and Alpha Wave, Lenskart has consistently demonstrated strong fundamentals and profitability — rare in India’s digital consumer space.
Financial Growth Strengthens
Lenskart has shown a remarkable financial turnaround over the past year. The company posted a net profit of Rs 297 crore in FY25, compared to a loss of Rs 10 crore in FY24. Its revenue grew 23% year-on-year to Rs 6,652 crore, reflecting strong operational and retail performance across markets.
The company plans to use proceeds from its IPO to expand company-owned stores, upgrade technology infrastructure, boost brand marketing, and explore strategic acquisitions in India and abroad.
Expanding Global Footprint
Lenskart currently operates over 2,000 stores in India and around 650 outlets internationally, spanning Southeast Asia and the Middle East. Its omnichannel strategy, combining the reach of offline retail with the convenience of online shopping, has helped it capture a dominant share of India’s organised eyewear market.
This hybrid model allows Lenskart to engage customers across price segments — from affordable spectacles to premium eyewear — while leveraging data-driven insights to refine product offerings and customer experience.
Who is Radhakishan Damani
Radhakishan Damani, often described as India’s most low-profile billionaire, is the founder of Avenue Supermarts, the parent company of DMart. Known for his long-term investment approach and deep understanding of Indian consumer behaviour, Damani is a self-made billionaire who began his journey as a stock market investor before venturing into retail.
He is widely respected for his value investing principles, minimalistic lifestyle, and for building DMart into one of India’s most profitable and efficient retail chains. His decision to invest in Lenskart reflects his confidence in the brand’s consumer-first approach, operational discipline, and scalable business model.
DMart Business Model
DMart operates on a high-efficiency, low-cost retail model that prioritises affordability and fast inventory turnover. Unlike most retail chains, DMart owns a majority of its store properties outright, avoiding rental costs and ensuring long-term operational stability.
The company focuses on bulk buying, efficient supply chains, and deep consumer loyalty to maintain thin margins and high volumes. This disciplined execution allows DMart to stay profitable even during economic slowdowns — a strategy that mirrors Lenskart’s focus on sustainable unit economics in the digital age.
Damani’s retail philosophy of value-driven growth and operational control aligns closely with Lenskart’s trajectory, where a blend of technology, consumer insight, and cost efficiency has built a strong moat in a competitive market.
What’s Next?
With Radhakishan Damani and SBI Mutual Fund on board, Lenskart pre-IPO momentum is building fast. The fresh infusion of institutional capital is expected to strengthen its balance sheet, fuel international expansion, and reinforce investor confidence ahead of its stock market debut.
As India’s eyewear industry continues to evolve, Lenskart’s profitability, brand visibility, and hybrid retail strategy could make it one of the most closely watched IPOs in the coming year — marking another success story for India’s homegrown consumer-tech ecosystem.
